Too many policies coming out of Washington are making it difficult for Michigan’s small businesses to grow and hire new employees. While some government regulations are important, excessive federal regulation stifles our nations’ job creators by creating an uncertain business climate. In addition, a complex and unfair tax system is constantly trying to raise taxes on small employers, affecting their bottom line and ability to grow. To help small businesses in Michigan, I have introduced the Main Street Jobs and Opportunity Act.
Title I – Death Tax Repeal
- Repeals the estate and generation transfer skipping tax and reduces the highest gift tax rate from 40 percent to 35 percent.
Title II – Small Business Paperwork Relief
Title III – Occupational Licensing
- Expresses the sense of Congress that the Department of Labor should engage States on finding ways to reduce licensing barriers; encourages States to form interstate compacts to ease licensing restrictions across state lines.
- Requires the Department of Labor to conduct a study on the effects of occupational licensure.
Title IV – Restore Traditional Definition of Full-Time Employment
- Repeals the 30-hour definition of full time employment in the Affordable Care Act for purposes of the employer mandate and replaces it with a 40-hour definition for full time employee.
Title V – Small Business Start-Up Savings Accounts
- Allows businesses with 500 or fewer employees to open a small business start-up savings account for the payment of certain business expenses, including the purchase of equipment or facilities, marketing, training, incorporation, and accounting fees. Contributions to the account are capped at $10,000 per year and the total value of these accounts at any one time would be capped at $150,000. So long as money is used within five years of the first distribution, account holders would not be subject to fees or penalties.
Title VI – Limit Frivolous Lawsuits
- Makes it mandatory for the victims of frivolous lawsuits filed in federal court to be compensated for the harm done to them by the filers of frivolous lawsuits. Currently, judges have discretion on whether to require those who have brought frivolous lawsuits against people to pay legal costs that victims have incurred to defend themselves.
Title VII – Increase IRS Accountability
How You Can Help
- Allow businesses with average annual gross receipts of not more than $50,000 that prevail in an administrative or court proceeding involving the determination, collection, or refund of tax, interest, or penalty to recover their costs incurred in such proceedings.
- Increases the amount of civil damages against Internal Revenue Service officers or employees for reckless, intentional, or negligent disregard of internal revenue laws and extends from two to five years the period for bringing a claim for damages.
- Increases the penalties against federal officers or employees for unlawful acts in connection with internal revenue laws and for unauthorized disclosures or inspections of tax returns.
While the Main Street Jobs and Opportunity Act is a start, I’d appreciate your input on additional ways to protect small businesses against overburdensome regulations and excessive taxation. To better inform my efforts, please use the form below to share your ideas about federal policies and regulations that Congress should review.